Vistry Group PLC said its executive chairman Greg Fitzgerald would step down over the next year as the housebuilder reported annual results broadly in line with expectations and signalled a renewed focus on cash generation.
Fitzgerald will retire as chair at the company’s annual meeting in May and will remain in the chief executive role for 12 months or until a successor is appointed, the group said alongside its results for calendar 2025.
The builder reported adjusted profit before tax of £268.8 million, up 2% compared to a year earlier on revenue that slipped 4% to £4.16 billion. This reflected total home completions fell 9% to 15,658 units, partly offset by a 3% rise in average selling prices.
Net debt narrowed to £144.2 million from £180.7 million a year earlier.
The group, which specialises in partnership housing with housing associations and local authorities, said the fall in volumes reflected weaker conditions in the open market and uncertainty around the November Budget, which also delayed some partner-funded housing deals.
“Our full year results were in line with guidance, assisted by the expected strong second half performance," Fitzgerald said.
He added that Vistry delivered “one in seven of the country's affordable homes last year”.
Trading has started positively in 2026. The group said sales are improving after targeted pricing initiatives and incentives aimed at building momentum into the spring selling season.
Vistry expects higher sales and improved cash flow through the second half of the year and is targeting a return to a net cash position of about £100 million by the end of 2026.